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Daily Technical View on Nifty

* Nifty fell for the 7 th consecutive session to close at 16818

* Nifty has closed below its 200 days EMA for the second consecutive session

* Next support for the Nifty is seen in the zone of 16600-16700

* Close below 16600 would be considered bearish breakout on the daily chart

* Resistances for the Nifty are seen at 17000 and 17166

* Nifty Midcap and Small cap indices hovering around crucial supports. 1% loss in Indices from here would result in to medium term breakdown.

* Indicators and oscillators like RSI, MACD and DMI have been showing bearish trend for the Nifty and Bank Nifty.

* Nifty has retraced more than 38.2% of the entire rally seen from 15183(June 2022 Bottom) to 18096(Sep 2022 High)

* Next retracement support is at 50%, which is placed 16640 odd levels

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